07 November 2010
07 November 2010
Governor Jennifer M. Granholm has announced state approval of a 15-year Renewable Energy Renaissance Zone in the city of Holland that will house Energetx Composites, a manufacturer of wind turbine blades.
The new manufacturing facility is expected to create up to 700 jobs and generate $18.4 million in private investment.
Energetxs products have the potential to revolutionize the way that wind turbine blades are manufactured, helping position Michigan as the centre in North America for advanced green manufacturing, Granholm said.
Energetx, a spin-off of S2 Yachts, produces commercial products for the wind industry. The company is considering expanding into the electric vehicle sector. The new Energetx facility will produce utility-scale wind turbine blades. The company will also provide necessary testing to ensure the proper quality of the blades and materials used in the manufacturing process.
Todays announcement is the result of innovative economic development tools that allow Michigan to diversify its economy, generate private investment and create jobs, said Michigan Economic Development Corporation President and CEO Greg Main.
A Renaissance Zone allows a company operating within the zone to operate free of virtually all state and local taxes over the life of the designation. Michigans Renaissance Zone program is administered by the Michigan Economic Development Corporation (MEDC).
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